You can barely turn around these days without hearing something about artificial intelligence or big data technology. Many experts predict that AI tech is going to be one of the most influential developments of the modern age, touching every part of people’s lives from their health, to the way they buy things, all the way to how businesses are run.
Chances are that you have heard about how AI can improve marketing efforts by attracting more customers from all walks of life. But, did you know it can also help your business run better internally?
HR departments are starting to embrace AI into their hiring processes and are seeing all kinds of positive outcomes. Ideal’s report on AI-driven recruiting found that businesses that incorporated this technology into the hiring processes saw significant financial benefits. These included higher revenues per employee hired, and a 75% decrease in the cost of acquisition!
Curious to know how your company’s hiring process can be totally changed for the better with AI? Let’s dive in.
Creating a more strategic searching process
Attracting qualified talent to apply to your available positions requires some good marketing skills, which is clearly something AI excels at. Its ability to gather and analyse large sets of data can help recruiters target the best talent out there almost instantly.
But AI is not just helping hiring managers find great candidates; it is helping job seekers match up with job opportunities based on their skill levels and experiences. Online resume tools like Resumonk make it easy for applicants to create well-designed resumes with templates to upload, along with keyword recommendations that simplify the process of AI-assisted tools picking up on and matching credentials. From here, candidates can upload their resume on job sites, such as Leap.ai which uses AI technology to match up candidate profiles with available positions based on their experience and skills.
Finding great talent consistently tops the list of recruiting challenges for HR teams. Plus, it takes up a lot of time to manually browse through candidate profiles on job boards. By incorporating big data technology, both job-seekers and hiring managers can make the process of matching up much faster and more efficient.
Builds a smarter qualification system
The process of narrowing down applicants to only the most qualified can be lengthy and time-consuming. Ideal’s previously mentioned recruitment report found that most recruiters pass on up to 88% of the resumes that are submitted. AI can make this process much faster through smart automation that filters applications quickly and precisely.
AI can also take the qualification a step further than just making sure that their education and past job experience fit the bill. Many HR teams are also using AI-backed pre-employment assessment programs to narrow down the candidate pool and provide them with more job-specific information regarding each applicant’s skills, strengths, and weaknesses.
For instance, the online program Pymetrics applies neuroscience data into job-specific tests to measure each candidate’s capabilities. Once the applicant completes the assignment, their answers are analysed with AI tools that identify personality traits, attention spans, and overall competency to measure their likelihood of success. This information benefits both recruiters and candidates because it allows both parties to determine whether or not the position would be a good overall fit.
Recruiting teams that use AI tools to qualify candidates before meeting for an interview also have a better chance of making the smarter final decision. Ideal’s report states that data-driven HR teams had 35% lower turnover rates and 20% higher productivity from their hires when AI tools were used to qualify them.
Offering a more intelligent interview experience
While the interview process still currently requires human-to-human interaction, it does not mean that AI can’t play a role in it. Some hiring managers are actually incorporating this technology to analyse candidates during face-to-face or virtual meetings to make their hiring decision even smarter.
The Unilever Corporation has been making the most of AI technology with their hiring process by using it to measure a candidate’s personality and even determine their honesty during interviews. Job applicants first meet with HR managers via video interview, where AI technology measures their tone and facial expressions to assess more information that the candidate may not necessarily disclose on their resume.
Other companies are using chatbots to ask the initial interview questions for them. As AI technology becomes more sophisticated, businesses can infuse their chatbots with emotion and personality that can be used to interact with candidates and perform initial screening to narrow down the pool.
While many people fear that their jobs are in jeopardy as the robots take over, the truth is that AI will be affecting the nature of employment before it impacts employees. More and more businesses are incorporating this technology to improve their recruiting strategies and find more qualified talent to bring on board.
Time will only tell how AI will change the business landscape as we know it, but it is certainly apparent that it is already transforming the recruiting process. The benefits of this technology are clear with faster, smarter, and better recruiting strategies and more effective qualifying systems that are helping both candidates and HR teams make smarter decisions.
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